Softbank Vision Fund Invests In Renewable Energy Storage for $110M

One of world’s biggest tech investor Softbank Vision Fund announced last Aug. 14, 2019, its newest investment of $110M in an energy company.

Tech company Softbank allotted $100 billion funds to buy stakes in fast-growing technology companies all over the world. The company created the Softbank Vision Fund to drive revenue from by deploying capital to developing tech firms.

This $110M investment is Softbank’s newest investment after its net profit increased to $10.6 billion for the first quarter of 2019. The Financial Times reports that the company is also preparing for a Vision Fund II, right after Masayoshi Son completes the transition of selling Softbank’s unit Sprint to T-Mobile.

Supporting Renewable Energy

Softbank Vision Fund injects the $110 million Series B funding to a Swiss startup Energy Vault, which created renewable energy storage products. The company makes use of recycled concrete blocks to store and release energy.

“Energy Vault solves a long-standing and complex problem of how to store renewable energy at scale. The company’s integration of proven technologies with 21st-century material science and machine vision software provides a solution that reshapes the unit economics of renewable energy while being restorative to the environment,” said Akshay Naheta, Softbank’s Partner for Investment Advisers.

The Energy Vault said it will use the funding to accelerate production of renewable energy technology and deploy this globally.

As part of the investment, Softbank Partner for Investment Advisers Andreas Hansson will be joining the board of directors of Energy Vault.

Energy Vault was founded in 2017 and is considered the only provider of cost-effective utility-scale energy storage system that is not dependent on land. The company was awarded the Fast Company’s World Changing Idea Award this year, competing with hundreds of companies on the list.

RELATED ARTICLES

HNA Group Reveals It is Slated to Receive Strategic Investment
Investment

HNA Group Hainan Airlines Reveals It is Slated to Receive $5.9B

Chinese conglomerate HNA Group is slated to receive a strategic investment of 38 billion yuan, approximately $5.9 billion after it had taken steps to restructure the company. The strategic investment will reportedly be divided among 11 entities, including Hainan Airlines, states Reuters. According to Nikkei Asia, the company’s decision stemmed...
Intel Plans to Invest in Chip-Making Business
Investment

Intel Plans to Invest $95B in the EU Chip-Making Business

Popular semiconductor maker Intel announced Tuesday, September 7, 2021, that it plans to invest up to 80 billion euros or approximately $95 billion in Europe over the next ten years. The decision comes after the company aims to boost the chip-making capacity in the European Union, reports Reuters. According to...
NoRedInk Secures Series B Funding Round
Investment

NoRedInk Secures $50 Million In Series B Funding Round

NoRedInk has recently revealed that it was able to secure $50 million during the Series B round. Its digital writing program, which combines adaptive learning, was important in obtaining the investment. The funding round was headed by Susquehanna Growth Equity. True Ventures also participated. Rethink Education, Kapor Capital, and GSV...
Jupiter Raises Funding Via Nubank Investment
Investment

Jupiter Raises $45M Via Nubank Investment

Bangalore and Mumbai-based neobank Jupiter successfully raised $45 million in a Series B financing round. This brings the total amount raised by the company to $70 million and is now valued at more than $300 million. According to Tech Crunch, the fresh funding comes as the India-based company gears up...
Titan Series B Investment Round
Investment

Titan Raises $58M in Series B Investment Round

New York-based investment and financial technology firm Titan announced Tuesday, July 20, 2021, that it had successfully raised $58 million in its Series B funding round. Following the funding round, the company is now valued at $450 million, states Tech Crunch. According to Tech Crunch, Titan’s $58 million in Series...
China Lightning Fast Investment Campaign
Investment

China Surpasses US in Lightning Fast Investment Campaign

China is preparing to establish a sizable solar panel module plant in Malaysia while at the same time in Laos it is taking steps to construct a 580 km highway. This is part of a much larger campaign to cultivate goodwill and economic ties with Southeast Asian countries. The...
Unilever Invests Million To Boost Production
Investment

Unilever Invests $277 Million To Boost Production On Its Mexican Factories

For the next 3 years, Unilever reveals that it aims to increase production and exportation rate with $277 million (5.5 billion pesos) investment on its 4 Mexican plants. The multinational company is a producer of consumer goods, including food, nutrition, hygiene, and personal care needs. It owns various popular brands,...
Life360 Family App Unveils Investment Round
Investment

Life360 Family App Unveils Investment Round Worth $2.1 Million

Life360, a family social networking and tracking app, has unveiled a new funding round that will work alongside celebrity investors and influencers. To assist define the company's product development and marketing in the future, they will create a new "Family Advisory Council." Bryant Stibel, the company co-founded by the late...
BUX Releases Zero-Commission Investment App
Investment

BUX Releases Zero-Commission Investment App in Ireland

BUX, a fast-growing neobroker in Europe, has released BUX Zero, a commission-free investing app now downloadable in the Apple App Store and Google Play Store. It is the first exclusive mobile platform to provide investment in Ireland. The investment app lets users invest directly in any of the listed more...